Hot Stocks News: Bank of America Corporation, (NYSE:BAC), King Digital Entertainment, (NYSE:KING), Unit Corporation, (NYSE:UNT)

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On Tuesday, Shares of Bank of America Corporation (NYSE:BAC), gained 0.23% to $17.09.

Bank of America Corp, the No. 2 U.S. bank, has agreed to sell its $87 billion money-market fund business to BlackRock Inc in one of the cash-administration industrys largest deals ever, according to Reuters.

The transaction comes as big banks have faced pressure to simplify their businesses since the global financial crisis and marks the largest in a series of deals reshuffling the cash-administration industry before costly regulatory reforms take effect in 2016.

Terms of the transaction were not revealed. The agreement is predictable to lift BlackRocks global cash-administration business to $372 billion from about $285 billion, according to the New York-based company. Reuters Reports

Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.

Shares of King Digital Entertainment plc (NYSE:KING), inclined 14.03% to $17.71, during its current trading session.

Activision Blizzard,  and King Digital Entertainment, declared the signing of a definitive agreement under which ABS Partners C.V. a wholly owned partner of Activision Blizzard, will acquire all of the outstanding shares of King for $18.00 in cash per share, for a total equity value of $5.9 billion. The $18.00 per share purchase price implies a 20% premium over King’s 30 October 2015 closing price, a 26% premium over King’s 30 October 2015 enterprise value (which excludes net cash), a 23% premium over King’s one month volume weighted average price per share and a 27% premium over King’s three month volume weighted average price per share. The boards of directors of both Activision Blizzard and King unanimously approved the Acquisition, which is being implemented by means of a scheme of arrangement under Irish law. The Acquisition is subject to approval by King’s shareholders and the Irish High Court, clearances by the relevant antitrust authorities and other customary closing conditions, and it is presently predictable that the Acquisition will be accomplished by Spring 2016.

Activision Blizzard believes that the addition of King’s highly-complementary business will position Activision Blizzard as a global leader in interactive entertainment across mobile, console and PC platforms, and positions the company for future growth. The combined company will have a world-class interactive entertainment portfolio of top-performing franchises, counting two of the top five highest-grossing mobile games in the U.S. (Candy Crush Saga®, Candy Crush Soda Saga™), the world’s most successful console game franchise (Call of Duty®), and the world’s most successful personal computing franchise (World of Warcraft®), in addition to such well known franchises as Blizzard Entertainment’s Hearthstone®: Heroes of Warcraft™, StarCraft®, and Diablo® and Activision Publishing’s Guitar Hero®, Skylanders® and Destiny, together with over 1,000 game titles in its library. Activision Blizzard anticipates that this leading content, together with expertise across subscription, upfront purchase, free-to-play and micro-transaction business models will enhance Activision Blizzard’s position as one of the world’s most successful interactive entertainment companies. During the last twelve months ended 30 September 2015, Activision Blizzard had non-GAAP revenues of $4.7 billion and King had adjusted revenues of $2.1 billion. During the same period Activision Blizzard had adjusted EBITDA of $1.6B and King had adjusted EBITDA of $0.9 billion. During the last twelve months ended 30 September 2015, Activision Blizzard had GAAP revenues of $4.9 billion and King had IFRS revenues of $2.1 billion. During the same period, Activision Blizzard had GAAP net income of $1.1 billion, and King had IFRS profit of $0.6 billion.

King Digital Entertainment plc, an interactive entertainment company, produces and distributes digital games on multiple platforms in the United States, the United Kingdom, Germany, and internationally.

Finally, Shares of Unit Corporation (NYSE:UNT), surged 23.01% to $16.84.

Unit Corporation, stated its financial and operational results for the third quarter of 2015. Highlights for the quarter comprise:

  • Total production of 5.1 million barrels of oil equivalent (MMBoe), a 10% improvement over the third quarter of 2014
  • Oil and natural gas liquids (NGLs) production raised 5% over the third quarter of 2014
  • Gas gathered and gas processed volumes per day raised 12% and 10%, respectively, over the third quarter of 2014

THIRD QUARTER AND FIRST NINE MONTHS 2015 RESULTS

Adjusted net income for the quarter (which excludes the effect of non-cash commodity derivatives and the effect of the non-cash ceiling test write-down) was $1.7 million, or $0.03 per diluted share. Lower commodity prices continued to impact Unit’s financial results. For the quarter, lower commodity prices resulted in Unit incurring a pre-tax non-cash ceiling test write-down of $329.9 million in the carrying value of the company’s oil and natural gas properties. Although this write-down was a non-cash item, it resulted in Unit recording a net loss of $205.3 million, or $4.18 per share, for the quarter contrast to net income of $67.5 million, or $1.37 per diluted share, for the third quarter of 2014. Total revenues for the quarter were $212.4 million (45% oil and natural gas, 31% contract drilling, and 24% mid-stream), contrast to $401.0 million (47% oil and natural gas, 30% contract drilling, and 23% mid-stream) for the third quarter of 2014. Adjusted EBITDA for the 2015 third quarter (which excludes the effect of non-cash commodity derivatives and the effect of the loss on sale of assets primarily attributable to the sale of drilling rigs and equipment) was $102.1 million or $2.07 per diluted share.

Adjusted net loss for the first nine months (which excludes the effect of non-cash commodity derivatives and the effects of the non-cash write-downs) was $0.5 million, or $0.01 per diluted share. For the first nine months of 2015, Unit has recorded pre-tax non-cash ceiling test write-downs of $1.1 billion in the carrying value of the company’s oil and natural gas properties and $8.3 million (pre-tax) in its drilling rigs and other assets. Due to these write-downs, Unit recorded a net loss of $728.0 million, or $14.83 per share, contrast to net income of $178.8 million, or $3.65 per diluted share, for the first nine months of 2014. Total revenues for the first nine months were $681.9 million (45% oil and natural gas, 32% contract drilling, and 23% mid-stream), contrast to $1.2 billion (48% oil and natural gas, 29% contract drilling, and 23% mid-stream) for the first nine months of 2014. Adjusted EBITDA for the first nine months of 2015 (which excludes the effect of non-cash commodity derivatives and the effect of the loss on sale of assets primarily attributable to the sale of drilling rigs and equipment) was $311.1 million or $6.31 per diluted share.

Unit Corporation, together with its auxiliaries, operates as an oil and natural gas contract drilling company primarily in the United States. The company operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties primarily located in Oklahoma and Texas, in addition to in Arkansas, Colorado, Kansas, Louisiana, Mississippi, Montana, New Mexico, North Dakota, and Wyoming.

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